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Leading Growth Driver in the Mobile Wallet Market in 2025: Rising Smartphone Penetration Fuels Growth In The Mobile Wallet Market Driver's Influence
Mobile Wallet
The proliferation of smartphones is propelling the growth of the mobile wallet industry. These devices offer abilities beyond making calls or sending texts. The growing use of smartphones, coupled with governmental encouragement for digital and cashless transactions, has resulted in more people installing mobile wallets on their devices. For instance, a report by Uswitch Limited, a UK-based financial regulatory authority, stated that the number of smartphones in the UK had risen by 3.8% (approximately 2.6 million) starting from 2022, totaling 71.8 million in February 2023. Predictions suggest that, by 2025, the UK will have a population of 68.3 million, 95% (or roughly 65 million individuals) of whom will possess smartphones. Hence, the increasing prevalence of smartphones is propelling the expansion of the mobile wallet industry.
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What is the future CAGR of the mobile wallet market, and how will it impact industry expansion?
The size of the mobile wallet market has seen significant expansion over the past few years. An upward jump from $2109.19 billion in 2024 to $2765.95 billion in 2025, with a compound annual growth rate (CAGR) of 31.1%, is expected. The previous growth has been largely influenced by factors such as ease of use and accessibility, security considerations, consumer behavioral changes, government schemes, along with various partnerships and collaborations.
Predictions indicate that the mobile wallet market will witness dynamic growth in the upcoming years, reaching a worth of $8404.8 billion in 2029. This growth represents a compound annual growth rate (CAGR) of 32.0%. Factors contributing to the forecasted growth include the adoption of contactless payments, financial inclusion initiatives, the rise of digital banking, increased cross-border transactions, and advancements in payment technology. Key trends predicted to shape the market during the forecast period encompass the integration of blockchain and cryptocurrency, the inclusion of loyalty programs and rewards, the rise of offline mobile payments, the use of mobile wallets in public transportation, and strategic collaborations with retailers and merchants.
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What are the most significant trends transforming the mobile wallet market today?
The surge in product innovation is currently a predominant trend in the mobile wallet market. To maintain their standing, key players are consistently creating and launching new services. For instance, Revolut, a financial technology firm based in the UK, rolled out Revolut Mobile Wallets in January 2024. This creative addition simplifies international financial transactions for foreign students and expatriates by simply requiring fundamental recipient information such as a name along with a phone number or email address. It presently facilitates transfers to Kenya (M-Pesa) and Bangladesh (bKash), accomplishing transactions swiftly with arrival times usually within half an hour, at regular international cost. This function increases affordability and convenience, particularly catering to considerable immigrant communities including the growing populace of Bangladeshi students in the UK.
Which key market segments comprise the mobile wallet market and drive its revenue growth?
The mobile wallet market covered in this report is segmented -
1) By Type: Open, Semi-Closed, Closed
2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies
3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based
4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications
Subsegments:
1) By Open Wallets: Wallets that allow users to withdraw cash from ATMs, Wallets that permit fund transfers to bank accounts, Wallets that enable payment to any merchant
2) By Semi-Closed Wallets: Wallets that allow transactions at specific merchants or partner merchants, Wallets that may allow cash withdrawals at certain locations
3) By Closed Wallets: Wallets that are exclusively for transactions within a specific platform or company, Wallets that do not allow cash withdrawal or transfers to bank accounts
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What regions are at the forefront of mobile wallet market expansion?
Asia-Pacific was the largest region in the mobile wallet market in 2024. The regions covered in the mobile wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the mobile wallet market?
Major companies operating in the mobile wallet market include Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co Ltd., Alibaba Group Holding Limited, AT&T Inc., Tencent Holdings Limited, Barclays plc, Wells Fargo & Company, American Express Banking Corporation, VISA Inc., PayPal Holdings Inc., Mastercard Incorporated, Square Inc., MercadoLibre Inc., Skrill Ltd., Revolut Ltd., Ant Financial Services Group, Circle Internet Financial Ltd., One Mobikwik System Pvt Ltd., Mozido Inc., TRM Labs Inc., BitPay Inc., Dwolla Inc., Zerion Inc., Bitski Inc., Blockstream Corporation, Alipay.com, Zelle Inc., Jerry Technologies Inc.
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What Is Covered In The Mobile Wallet Global Market Report?
•Market Size Forecast: Examine the mobile wallet market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mobile wallet market for a structured understanding.
•Key Players Overview: Analyze major players in the mobile wallet market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mobile wallet market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mobile wallet market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mobile wallet market.
•Industry Challenges: Identify potential risks and obstacles affecting the mobile wallet market.
•Competitive Landscape: Review strategic developments in the mobile wallet market, including expansions, agreements, and new product launches.
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